Middle East Facility Management Market to Reach USD 103.77 Billion by 2027
Development in infrastructure
sector and emphasis on smart cities are expected to drive the growth of the
Facility Management Market in the Middle East region during the forecast
period, 2023-2027.
According to TechSci
Research report, “Middle East Facility Management Market – by
Country, Competition Forecast and Opportunities, 2017-2027” Middle East facility management market
stood at USD 64.27 billion in 2021 and is expected to register a CAGR of 8.13%
during the forecast period. Increasing construction activities and rising
demand from the commercial & residential sector is expected to increase
facility management market in the region. Middle East Facility Management
Market is characterized by the integration of various technologies including
facility optimization with machine learning and IoT, computer-aided facility
management, advanced drone technology, dashboard software, artificial intelligence
to ensure the viability of facility management contracts, building management
systems etc. Moreover, foreign direct investments in various sectors such as
tourism, BFSI, and entertainment, among others, are on the surge, supporting
the growth of facility management market in the region.
Additionally, various government
initiatives promoting social welfare, including healthcare and affordable
housing, are creating growth opportunities for facility management players to
expand their business in the region.
The rising number of
governmental/semi-governmental clients actively seeking licensed international
FM service providers for tenders and barring the traditional O&M
contractors. Bahrain has a structure of low entry obstructions, an easy work
culture and a high interest in professional building maintenance in order to
attract facilities management companies. Moreover, as part of Bahrain’s 2021
Economic Recovery Plan, Bahrain announced over 22 strategic infrastructure
projects worth over USD 30 billion, including the construction of five man-made
islands. These projects will be largely
funded via public-private partnerships. This emphasis on construction is
consistent with the Kingdom’s Vision 2030 economic development strategy. The
strategy seeks to improve infrastructure, industry, housing, and connectivity.
Hence, all these government initiatives and plans are expected to augment the
growth of Bahrain Facility Management Services during the forecast period.
Browse over 41 market
data Figures spread through 201 Pages and an in-depth TOC on "Middle East Facility Management Market"
Middle East Facility
Management Market is segmented based on industry, service, application, type,
country, and company. Based on service, the market is further fragmented into
property, cleaning, security, catering, support and others.
Property, among the
service segment in Middle East Facility Management Market, held the dominant
market share of 33.09% in 2021. Growth in the country’s industrial and
commercial sectors, coupled with easy credit conditions and increasing
purchasing power parity, is expected to boost demand for property services
during the forecast period. Additionally, the booming housing sector is
expected to drive the Middle East Facility Management Market further.
On the basis of type,
soft services are the most dominating segment as it is becoming critical in
cultivating well-run office and commercial spaces. Soft services include
building security, cleaning, landscaping, decoration, catering, office moves,
etc. These soft services directly affect an employee's productivity and job satisfaction
working in the corporate environment. Additionally, owing to enhanced working
experience, soft services are likely to increase in the facility management
market in the foreseeable future.
Saudi Arabia being the
dominant country, held 39.25% of the market share in the Middle East Facility
Management Market in 2021. The country is dominating the market owing to the
presence of sheer scale of opportunities and the presence of projects such as
Riyadh Metro, King Salman Park, and Qiddiya. Further, the Riyadh Chamber of
Commerce and Industry owns Riyadh International Convention & Exhibition
Center (RICEC), which hosts national and international trade exhibits,
conferences, and other economic events. Therefore, Saudi Arabia is expected to
be the dominant country in the Middle East Facility Management Market.
Major companies in the
Middle East Facility Management Market include Emrill Services LLC, Farnek
Services LLC, Galfar Al Misnad, CBM Qatar LLC, Alghanim International, United
Facilities Management, Metropolitan Holding CO WLL, Gems Industrial Services
W.L.L, Iris Property Management W.L.L., ONE Facilities Management, Al Asmakh
Facilities Management, Transguard Group LLC, Etisalat Facilities Management
LLC, Imdaad LLC among others. Moreover, some of these companies are also
involved in construction businesses. Middle East Facility Management Market is
projected to witness significant growth led by new technological developments
and improved service delivery.
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“In terms of country, Saudi Arabia is
the dominating country in the Middle East Facility Management Market accounting
for a share of 39.25% in 2021 and is expected to register a CAGR of 8.90%
during a forecast period. As part of Saudi Vision 2030, the government launched
massive tourism projects all throughout the country as well as new e-visas for
49 nations to encourage foreign travel. Moreover, Riyadh is the administrative
and political capital of Saudi Arabia. The Consultative Assembly, the Council
of Ministers of Saudi Arabia, the King, and the Supreme Judicial Council of
Saudi Arabia are located in the city, due to which Riyadh is also considered as
the commercial capital of Saudi Arabia.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Middle East Facility
Management Market Segmented By Industry (Organized and Unorganized), By Service
(Property, Cleaning, Security, Catering, Support, and Others), By Application
(Residential, Commercial, Industrial, and Public Sector), By Type (Hard Service
and Soft Service), By Country, Competition Forecast and Opportunities,
2017-2027”, has evaluated the future growth potential of Middle East
Facility Management market and provides statistics & information on market
size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Middle East
Facility Management market.
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